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Insurance Penetration Rate at 2.2%

Insurance Penetration Rate at 2.2%Insurance Penetration Rate at 2.2%

Iran’s insurance industry has significantly improved in recent years, as its penetration rate grew by 0.5% to reach 2.2% during the year to March 20, 2017, said the president of Central Insurance of Iran.

“Maybe we have not reached our full potential yet but it is important to make optimal decisions in a calm atmosphere to prevent any tension in the insurance market,” Abdolnasser Hemmati was also quoted as saying by IBENA.

This is while, he added, when he was first appointed as the head of CII during his first term in 1994, the figure was 0.34%.

Hemmati emphasized that the three dimensions of CII’s governance duties, namely support, guidance and supervision, should be implemented to improve the situation.

The official noted that if the economic situation of the country was better, insurance companies would also perform better.

According to Hemmati, CII is planning to gradually separate life insurance from the non-life category, which is one of the urgent policies.

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